The precious metal declined 17 percent this year through Monday, dropping into a bear market last month as some investors lost faith in gold after equities rallied, according to Bloomberg News.

"Silver also will follow along with gold and bottom around mid-June and begin a continuation of this bull market that has taken a little time off and depressed a lot of people that have stayed in," he said.

Gold will close the year at $1,550, 7.5 percent less than at the end of 2012, according to the median of Bloomberg’s survey last month.

"Gold has had a tremendous run-up, but we forget that it was flat for many, many years," he said.

"I remember … maybe nine, 10 years ago, everybody was depressed. Then we had a very big run-up and we thought it would never stop and then, at [$1,900], when we told everyone [to] get out and no one believed us," he said.

"Now it's very hard for people to think it will go up again. These patterns exist in everything, and if people would … consider it, there would be much less aggravation in the investing world."